Midea Group Co., Ltd. completed the acquisition of 5% stake in Beijing Wandong Medical Technology Co., Ltd. from Yu Rong.
May 05, 2021
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Midea Group Co., Ltd. (SZSE:000333) signed a share transfer agreement to acquire a 5% stake in Beijing Wandong Medical Technology Co., Ltd. (SHSE:600055) from Yu Rong for approximately CNY 390 million on February 2, 2021. Under the terms of the transaction, Midea Group Co., Ltd. will pay CNY 14.6 per share to acquire 27 million shares in Beijing Wandong Medical Technology Co., Ltd. The share transfer price to be paid to Yu Rong within 7 working days after the delivery date in one lump sum. In a related transaction, Midea Group Co., Ltd. signed a share transfer agreement to acquire 24.09% stake in Beijing Wandong Medical Technology Co., Ltd. from Jiangsu Yuyue Technology Development Co., Ltd. and Wu Guangming for CNY 1.9 billion on February 2, 2021. Upon completion of both the transactions, Midea Group Co., Ltd. will own 29.09% stake in Beijing Wandong Medical Technology Co., Ltd. and Yu Rong will own 7.67% stake in Beijing Wandong Medical Technology Co., Ltd. The transaction still requires the approval of the Anti-Monopoly Bureau of the State Administration for Market Regulation and the compliance confirmation of the Shanghai Stock Exchange before the transfer of shares agreement can be handled at the Shanghai Branch of China Securities Depository and Clearing Corporation Limited.
Midea Group Co., Ltd. (SZSE:000333) completed the acquisition of 5% stake in Beijing Wandong Medical Technology Co., Ltd. (SHSE:600055) from Yu Rong on May 6, 2021.
Midea Group Co., Ltd. produces and sells household electrical appliances and climate control systems. Net sales break down by family of products and services as follows:
- domestic appliances (41.6%): small household appliances (rice cookers, electric steam cookers, microwaves, ovens, hobs, bread makers, dishwashers, etc.), washing machines, refrigerators, etc.;
- heating, ventilation and air conditioning systems (38.6%): portable air conditioners, dehumidifiers, window air conditioners, etc.;
- robotic and automation systems (8%);
- other (11.8%).
China accounts for 59.7% of net sales.